Unlock stock picks and a broker-level newsfeed that powers Wall Street.
Hemp-based Packaging Market Worth US$ 782 Million by 2033, Growing at a CAGR of 13.3%: Report by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
6 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Hemp-based Packaging Offers Great Barrier Characteristics, Which Aid in the Preservation of the Product's Freshness and Quality. The Hemp-based Packaging Industry is Predicted to Increase Significantly in the Future Years. Due to the Rising Demand for Sustainable Packaging Solutions and Hemp's Growing Appeal as a Raw Material.
NEWARK, Del, May 03, 2023 (GLOBE NEWSWIRE) -- Hemp-based packaging is gaining momentum as a sustainable alternative to traditional packaging materials. The hemp-based packaging market size is projected to grow from US$ 224 million in 2023 to US$ 782 million by 2033. The sales are expected to increase at a significant CAGR of 13.3% during the forecast period.
One of the primary benefits of hemp-based packaging is that it is biodegradable and compostable. Unlike conventional packaging materials like plastic, which can take hundreds of years to degrade. Hemp-based packaging can decompose in as little as six months.
Governments and regulatory authorities are taking steps to reduce plastic waste and encourage environmentally friendly packaging. The European Union has set a goal of making all plastic packaging reusable or recyclable by 2030. This is projected to fuel future demand for hemp-based packaging.
Many countries, including the United States, have legalized hemp growing, making it easier for businesses to obtain hemp-based packaging materials. Despite the advantages of hemp-based packaging, one of the key challenges is a lack of infrastructure and processing facilities in various regions. This can make sourcing hemp-based packaging materials on a broad scale challenging for businesses.
However, more organizations recognize the benefits of hemp-based packaging and invest in the necessary infrastructure. It may anticipate further acceptance of this eco-friendly alternative.
Hemp bags are becoming increasingly popular since they are more sustainable and eco-friendlier than standard bags produced from non-renewable resources. Hemp bags have various advantages over regular bags, including being biodegradable, long-lasting, and tear-resistant.
The food and beverage industry is a key end-user of hemp-based bags, especially for packaging snacks, coffee, tea, and other food items. The growing popularity of e-commerce and online retail is also predicted to boost segment growth.
North America is predicted to account for a significant portion of the global hemp-based packaging industry. The adoption of the 2018 Farm Bill in the United States legalized the growth and sale of industrial hemp, resulting in a rise in the manufacturing of hemp-based products, including packaging.
In Europe, several countries have established strict rules to reduce the use of single-use plastic, creating the potential for the hemp-based packaging industry. Germany is one of Europe's leading markets for hemp-based packaging, owing to the country's strong emphasis on sustainability and eco-friendliness.
The Chinese government has launched many measures to promote sustainable packaging solutions, offering the potential for hemp-based packaging enterprises. The region is predicted to account for a significant portion of the worldwide hemp-based packaging market.
The global hemp-based packaging is extremely consolidated, with a few top manufacturers controlling a sizable portion of the market. Hemp Inc., Sana Packaging, Hemp Plastic Company, International Paper Company, Elevate Packaging, Inc., and others.
Explore FMI’s Extensive Coverage on Packaging Domain
FMCG Packaging Market Size: The global FMCG packaging market is expected to reach US$ 418.8 Billion in 2022, with sales growing at a CAGR of 5.7% through 2032
Beverage Packaging Market Share: The global beverage packaging market is expected to secure US$ 156.7 Billion in 2032 while expanding at a CAGR of 4.1%
Packaging Automation Market Outlook: The global packaging automation market is projected to register at a moderate-paced CAGR of 8.05% over the forecast period
Packaging Design And Simulation Technology Market Forecast: The packaging design process is dispersed among several organizations and vendors. These vendors employ multiple processes, such as quality inspections and recall, incurring more expenses and eventually delaying the process.
Packaging Tapes Market Sales: The demand for packaging tapes is increasing rapidly as they can be used in automotive, building & construction, health care, shipping and logistics, and various industry
Packaging Bins Market Value: Global sales of packaging bins stood at around US$ 1.9 Billion in 2021 and is slated to increase at a CAGR of 4.4% to reach a valuation of US$ 3.0 Billion by 2032
Packaging Laminates Market Demand: The packaging laminates market size is projected to be valued at US$ 6,274.7 million in 2022 and is expected to rise to US$ 10,410.2 million by 2033
Cardboard Trays Market Size: The global cardboard trays market is expected to garner a valuation of US$ 9,270 million by exhibiting a CAGR of 5.4 % in the forecast period 2023 to 2033
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
